October 28, China Ping an disclosed three quarterly results. The report shows that at the group level, Ping An achieved operating profit attributable to the parent shareholders of 118.737 billion yuan, up 9.2% year on year; Net profit attributable to shareholders of the parent company was 81.638 billion yuan, down 20.8% year-on-year. In this regard, China Ping an said, mainly affected by the company's related investment assets impairment provision and other adjustments.
Look specifically at the performance of each sector. At the insurance level, the operating profit of life insurance and health insurance was 73.684 billion yuan, down 2.3% year on year. The value of new business was 35.237 billion yuan, down 17.8% year on year. As for the decline in operating profit and new business value, Ping An China said that the decline in new business value was mainly due to the company's adherence to high-quality human development and promotion of team structure optimization. The decline in the number of agents had a certain negative impact on the value of new business. The lower operating profit was mainly affected by the slowdown in new business growth, volatility in policy continuation rates and higher payout margins due to reduced customer claims due to COVID-19 in the same period last year.
In its quarterly report, Ping An pointed out that China's life insurance market still has broad development space, and the agent channel is still the main channel for long-term protection product sales. AI Finance learned that Ping An Life Insurance has taken the lead in initiating high-quality transformation. At the end of the channel, the hierarchical and refined management of the agent team is implemented, and the team structure is optimized through digital empowerment. At the product end, promote "insurance + health management" and "Insurance + high-end pension"; Service continues to upgrade.
Ping an property insurance saw rapid growth in accident and health insurance, up 31.7 percent year on year. Auto insurance business was 135.468 billion yuan, down 7.9% year on year, while non-auto business was 47.165 billion yuan, down 21.0% year on year. However, with the deepening of the auto insurance reform, the overall business quality of Ping An property insurance has continued to improve. In the first three quarters of 2021, ping An's comprehensive cost ratio is optimized by 1.8 percentage points year-on-year to 97.3%; Operating profit rose 20.2 percent year-on-year to 13.283 billion yuan.
Banking business plate as a whole to achieve solid growth. According to the disclosure, in the first three quarters of 2021, Ping An Bank achieved operating revenue of 127.190 billion yuan, a year-on-year growth of 9.1%; Net profit reached 29.135 billion yuan, up 30.1 percent year on year.
In terms of asset quality, by the end of September 2021, the non-performing loan ratio of Ping An Bank was 1.05%, down 0.13 percentage points from the beginning of the year. The provision coverage rate was 268.35%, up 66.95 percentage points from the beginning of the year.
Overall, as of September 30, 2021, the group had more than 225 million individual customers, an increase of 3.1% compared with the beginning of the year. Its assets totaled about 10.08 trillion yuan, exceeding 10 trillion yuan for the first time. (article | AI business club Ni ping knitting | sun)